Australian automotive software firm Infomedia Ltd said on Monday it received a $443m non-binding acquisition proposal from U.S.-based software company Solera Holdings LLC, after receiving two bids last month.
Solera, which provides risk management software and services to the automotive industry, offered to buy Infomedia at A$1.70 per share in cash, lower than Battery Ventures’ A$1.75 per share offer and at par with TA Associates-led consortium’s bid.
Infomedia first received a takeover proposal by a consortium led by U.S. private equity firm TA Associates in May, which was later topped by Battery Ventures’ A$657.6 million offer.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Infomedia has decided to engage further with TA Consortium, Battery and Solera on their respective proposals and has determined to grant due diligence access to all three parties, the company said in a statement.
TA Associates and Battery Ventures did not immediately respond to a Reuters’ request for comment.
Source: Yahoo Finance
Can’t stop reading? Read more
TPG explores $7.5bn Asia OneHealthcare exit with sale or IPO options
TPG explores $7.5bn Asia OneHealthcare exit with sale or IPO options TPG has appointed Malayan...
Blackstone teams with Dubai Aerospace on $1.6bn annual aircraft leasing push
Blackstone teams with Dubai Aerospace on $1.6bn annual aircraft leasing push Blackstone has...
CVC seeks co-investors for $12.7bn Recordati buyout in mega LBO push
CVC seeks co-investors for $12.7bn Recordati buyout in mega LBO push CVC Capital Partners is...